MarketWatch: CFPB director gets pressed on whether she can calculate APR

MarketWatch, March 8th, 2019: CFPB director gets pressed on whether she can calculate APR

It’s not every day that members of Congress pull out textbooks during hearings, but that didn’t stop Rep. Katie Porter from whipping hers out at a hearing on Thursday regarding the state of the Consumer Financial Protection Bureau.

Porter, a California Democrat, asked CFPB Director Kathy Kraninger to explain the difference between an interest rate and an annual percentage rate.

“The APR is the extrapolation if it were a one year term, in terms of the loan,” Kraninger responded at a House Financial Services Committee hearing.

Unsatisfied with her response, Porter took out a textbook she authored, Modern Consumer Law.

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